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    IEA Warns of Global Oil Demand

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    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

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    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

    High-Risk Geographies in Upstream Exploration and Challenges

    Offshore-Drilling

    Innovations Driving the Future of Offshore Drilling

    Gato-do-Mato

    Shell Approves Gato do Mato Project in Brazil

    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

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    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

    Engine No. 1, Chevron And GE Vernova To Power U.S. Data Centers

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    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

    CNOOC

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Concerns Over A Supply Shortage Drive Higher Oil Prices

venkat by venkat
September 14, 2022
in Downstream, News
0
Quest For Russian Gas Options By Europe Hits Roadblocks

On September 13th, tumultuous trading saw oil prices rise as concerns over limited fuel supply ahead of the winter season outweighed investor worries about declining demand in China, the world’s largest crude importer, and additional hikes in U.S. and European interest rates.

Brent crude had climbed 50 cents, or 0.5%, to $94.50 per barrel, while WTI crude had climbed 52 cents, or 0.6%, to $88.30. Early on in the session, both contracts decreased by more than $1.

Prices are still being supported by concerns about lower inventories. According to data provided by the Department of Energy, the Strategic Petroleum Reserve  in the United States decreased by 8.4 million barrels to 434.1 million barrels in the week ending September 9, the lowest level since October 1984.

In order to combat the high fuel prices in the US, which have led to inflation, US President Joe Biden announced a plan in March to discharge 1 million barrels per day over the course of six months from the SPR.

According to a preliminary Reuters poll released on September 12th, U.S. commercial oil supplies are seen to have decreased for five weeks in a row, falling by about 200,000 barrels in the week leading up to September 9. Amarpreet Singh, an energy analyst at Barclays, stated in a note, they remain bullish on oil prices despite rising challenges to demand, as the supply side stays favorable with slower-than-expected U.S. output growth and a proactive OPEC+.

The likelihood of the Western nuclear agreement with Iran being revived remains remote. On September 12th, Germany voiced disappointment over Tehran’s rejection of European suggestions to resurrect the 2015 accord.  A deal would be unlikely in the immediate future, according to US Secretary of State Antony Blinken.

Tuesday’s advances in oil prices were restrained by resurgent worries about declining global fuel consumption as China, the second-largest oil consumer in the world, continues to implement COVID-19 regulations.

According to official data, fewer trips were made over China’s three-day Mid-Autumn Festival break, and tourist earnings also decreased as a result of the COVID-19’s stringent regulations. On September 13th, the consumer price index statistics for the United States will be released. The Federal Reserve and the European Central Bank are prepared to raise interest rates further in order to combat inflation, even though it is anticipated that the core rate of inflation may have reached a peak.

If the U.S. CPI is higher than anticipated, the likelihood of the Fed maintaining aggressive rate hikes will be boosted, said an analyst at CMC Markets, Tina Teng. This might increase the value of the dollar relative to other world currencies, thus increasing the cost of oil priced in dollars for investors.

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